Archived If you got paid in bitcoin would you have to pay income tax or capital gains tax? (business)
submitted ago by aliensdrivemercedes
Posted by: aliensdrivemercedes
Posting time: 9 months ago on
Last edit time: never edited.
Archived on: 7/6/2020 10:00:00 AM
Views: 23
SCP: -3
2 upvotes, 5 downvotes (29% upvoted it)
Archived If you got paid in bitcoin would you have to pay income tax or capital gains tax? (business)
submitted ago by aliensdrivemercedes
Sort: Top
[–] WORF_MOTORBOATS_TROI 0 points 1 point 1 point (+1|-0) ago
As I understand it, you're required to pay taxes on anything that you receive as compensation for work if the value is above a certain dollar amount. Imagine if Ford paid all its employees $8/hr and then gave them a new vehicle every year knowing full well that the employee will turn around and sell it to somebody for $15k-$50k depending on what kind of vehicle it is. The taxman expects to receive a cut of whatever that vehicle is worth.
Dealing in bitcoin instead of dollars will probably make it easier for you to get away with committing the crime of tax evasion, but keep in mind that the companies paying you are also regulated and have to report to the taxman themselves. In a normal employment relationship, your employer pays payroll taxes on your labor that never even shows up on your paycheck.
[–] Silvino ago
In Portugal not.
[–] aliensdrivemercedes [S] ago
Can you elaborate?
[–] Silvino ago
In Portugal you don't pay taxes with crypto gains, if you are paid in bitcoin you don't pay and the reason is simple; government don't yet setup a wallet. And even if you tell them you made euros using bitcoin you also don't pay but I guess you will pay other taxes like IRS.